Carnival of Debt Reduction - A New Year's Resolution Guide

new year2Today I have the honor to host my very first blog carnival. It is especially sweet to host the Carnival of Debt Reduction as this was the first carnival Eliminate The Muda participated in.

According to Wikipedia the top 5 New Year’s Resolutions are:

  • Lose weight
  • Get out of debt
  • Become more organized
  • Maintain a diary
  • Save money
  • If you are reading personal finance blogs, you too want to improve. If you are reading about debt reduction, then we both know which of the resolutions will be on your list. Here are six great articles that will help you get control of your personal finance gremlins and succeed in your New Year’s Resolution of debt reduction.

    Neal Frankle at The can help with both dieting and debt reduction with his article How To Stop Eating (and make money at the same time…).

    Of the top 5 resolutions, weight is the one I have ignored; until 2010. Neal’s advice is two for the price of one.

    Baker at provides some great tips to help keep you from getting deeper in debt by helping you plan for Christmas next year with his article Start Saving For Next Year’s Christmas Today.

    Organization has always been a weakness of mine. The 5S’ have helped but Baker has me determined that by next Christmas I will be ahead of the curve!

    David R. Lampson with writes about a lean mindset in How To Reduce Your Debt Significantly Without Tightening Your Belt.

    David speaks to me. I doubt he knows it, but he is practicing a lean approach towards his finances; taking one small step at a time.

    Silicone Valley Blogger at explains how your credit score directly affects how much you may have to pay your creditors in the article titled How Your Credit Scores Affect Your Loan Rates Or Why All Spending Is Not Equal.

    Silicone Valley Blogger has me motivated to avoid additional debt by keeping an eye on my FICO score.

    Millie Kay G. with provides insights on debt consolidation with Debt Consolidation Loans: Tips, Pros and Cons.

    Millie Kay provides an objective look at the options of debt consolidation. I vote for her DIY approach. When you do-it-yourself you learn more and feel better as a result.

    Cecil Dellison at has a singular focus on credit cards and provides the Credit Card Debt Elimination Guide to help you start the New Year right.

    Elimination is always a good word around here! Cecil gives several options to help you on your journey.

    Studies have shown that 75% of people that make a resolution fail on their first attempt. Reported by PsychCentral in 2005, researchers studied why some fail while others succeed. What they found is that those who believe in their ability to control their destiny were much more successful. The key is remaining focused, consistently studying how to achieve your goal and working on it every day. The researchers provided the following tips to help:

    To be successful with your own resolutions:

    • Have a strong initial commitment to make a change.
    • Have coping strategies to deal with problems that will come up.
    • Keep track of your progress. The more monitoring you do and feedback you get, the better you will do.

    Best wishes in the New Year and good luck on your resolutions!

    3 comments to Carnival of Debt Reduction – A New Year’s Resolution Guide